At 5.5% CAGR, Electric Motor Market Size is Expected to Exhibit US$ 162 Billion by 2024

Posted November 11, 2019 by ivosmith98

Global Electric Motor Market Influenced by the Surging Demand for Hybrid and Electric Vehicles
Electric motors refer to mechanical devices which work on the basic principle of electromagnetism. Over the years, these motors have gained traction due to their growing usage in a number of applications ranging from hair dryers, toys, electric shavers and extractor fans to washing machines, dishwashers, coffee grinders, microwaves and electric can openers. A new research report by IMARC Group, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global electric motor market reached a value of nearly US$ 125 Billion in 2018. The report further anticipates the market to reach a value of US$ 162 Billion by 2024, at a projected CAGR of 4.35% during 2019-2024.

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Global Electric Motor Market Drivers/Constraints:

Electric vehicles are environment friendly since they do not emit toxic gases or smoke into the environment and also minimise energy consumption. As a result, there is a rise in the demand for hybrid and electric vehicles which, in turn, is further elevating the growth of the electric motor market globally.

The various government initiatives and regulatory policies aimed to promote energy efficiency and reduce carbon emissions in various industrial verticals are bolstering the demand for high-efficiency motors.

Some of the other factors contributing to the growth of the global electric motor market are rapid advancements in technology, increasing automation and rapid industrialisation.

The high cost of manufacturing and assembling efficient electric motors and the limited portability of large motors hinder the market growth. Moreover, the intense competition in the market also acts as a major deterrent.

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Electric Motor Market Segmentation

Market Performance by Voltage

1. Low Voltage Electric Motors
2. Medium Voltage Electric Motors
3. High Voltage Electric Motors

Market Performance by Rated Power

1. Fractional Horsepower Motors
2. Integral Horsepower Motors

Market Performance by Fractional Horsepower

1. Fractional Horsepower (< 1/8) Motors
2. Fractional Horsepower (1/8 – 1/2) Motors
3. Fractional Horsepower (1/2 – 1) Motors

Market Performance by Integral Horsepower

1. Integral Horsepower (1 – 5) Motors
2. Integral Horsepower (10 – 50) Motors
3. Integral Horsepower (50 – 100) Motors
4. Integral Horsepower (>100) Motors

Market Performance by Magnet Type

1. Ferrite
2. Neodymium (NdFeB)
3. Samarium Cobalt (SmCo5 and Sm2Co17)

Market Performance by Region

1. Asia-Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America

Market Performance by Weight

1. Low Weight Motors
2. Medium Weight Motors
3. High Weight Motors

Market Performance by Speed

1. Ultra-High-Speed Motors
2. High-Speed Motors
3. Medium Speed Motors
4. Low Speed Motors

Market Performance by Applications

1. Industrial Machinery
3. Transportation
4. Household Appliances
5. Motor Vehicles
6. Aerospace
7. Marine
8. Robotics
9. Others

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Categories Business , Engineering , Industry
Tags business , electric motor , market research , market study
Last Updated November 11, 2019